John Hussman shows why US corporate earnings are now experiencing significant downward pressure, at a time when expected long term returns on US equities are already very poor.
https://www.hussmanfunds.com/wmc/wmc131216.htm

Dollars Distort Our Understanding of Wealth
Most investors measure wealth in dollars — but what if the ruler itself is shrinking? Since 2000, the S&P 500 is up nearly 5x in dollar terms, yet priced in

